WASHINGTON--(BUSINESS WIRE)--Prudential (NYSE:PRU) earlier today, at an event on Capitol Hill co-sponsored by The Human Rights Campaign, the National Gay and Lesbian Chamber of Commerce and Services and Advocacy for GLBT Elders, released an update to its white paper, “Financial Planning Considerations for Same-Sex Couples After Windsor,” which the firm originally launched in March 2014.
Named for Edith Windsor, the plaintiff in the federal case United States v. Windsor, the Windsor decision refers to the overturning of Section 3 of the Defense of Marriage Act (DOMA), which limited the definition of marriage for federal benefit purposes to opposite-sex unions.
As a result of the Windsor decision, same-sex marriages under state or a foreign jurisdiction are now recognized for federal law purposes.
The original paper explored how the 2013 landmark decision to overturn Section 3 of DOMA afforded legally married same-sex couples many of the employee benefits and financial planning strategies once available only to opposite-sex married couples.
The marriage equality landscape has continued to evolve since the paper was published as a result of additional activity in the courts and an announcement by the Social Security Administration. The updated paper highlights these changes.
“As of January 2015, 36 states plus the District of Columbia now recognize same-sex marriage,” says James Mahaney, author of both papers and vice president, Strategic Initiatives, at Prudential.
Mahaney added the Social Security Administration has historically only recognized legal marital relationships among couples based on the laws of the state in which they reside, regardless of the state in which they were married.
“In a new development – the Social Security Administration now recognizes some non-marital legal relationships as well.”
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of September 30, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
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